Personal Loans in Delaware: Online & Local Lenders

If you live in Delaware, you have several personal loan options, whether you prefer a local or national lender. Banks, credit unions, and online lenders can all be great choices when seeking a personal loan. It’s generally best to consider multiple options, as some lenders will have better rates, terms, and fees than others.

Another important factor is your credit. The better your credit, the more options you will have when looking for a personal loan. However, getting a personal loan is still possible even with a lower credit score. We’ll cover the best personal loans in Delaware for borrowers of all kinds.

Online personal loans in Delaware

When looking for a personal loan in Delaware, you can consider online and local lenders. While we cover both in this article, we’ve evaluated the following online lenders more thoroughly. For this reason, we recommend considering these four online lenders before looking at lenders in the state.

Credible 

SoFi

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LightStream 

Local Delaware personal loans

Many banks and credit unions offer personal loans in Delaware. Some institutions primarily serve a specific demographic, such as military personnel or federal employees, but others work with a greater section of the public.

Lender	Rates (APR)	Location
Artisans’ Bank	14.00%	Wilmington, DE
Del-One Federal Credit Union	Starting at 9.00%	Dover, DE
DEXSTA Federal Credit Union	9.25%–11.25%	Wilmington, DE

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Personal loans by state

Delaware regulations and laws on personal loans

The Consumer Credit Section outlines various guidelines that indicate how lenders can extend credit to consumers in Delaware. For instance, it says no lender can extend a loan that causes a consumer to have more than five short-term loans in a 12-month period. 

Another important provision is that lenders cannot pursue or threaten to pursue criminal action against a borrower due to nonpayment.

Delaware also forbids lenders from charging interest rates of more than 5% over the Federal Reserve discount rate. However, there is no interest rate cap on loans over $100,000 not secured by the borrower’s primary residence. 

Delaware also has usury laws that say lenders cannot charge a rate higher than the legal limit. If they do, borrowers can recover $500 or three times the amount of excess interest, whichever is greater.

Ask the expert

Rand Millwood

CFP®

If you must take out a personal loan, one of the biggest things you can do to help yourself is to find the lowest rate possible. Find a lender that meets your needs with the best possible terms and lowest rate. This allows you to repay the loan sooner and keep more money for your monthly cash flow.

How Delaware’s economic landscape affects personal loans

Delaware’s economic landscape aligns with what you might see elsewhere. 

• The state’s median household income is $79,325, compared to the country’s median of $74,580. 
• The unemployment rate is 3.9%, which matches the national average.
• The cost of living in Delaware is about 3.5% higher than the national average.
•  The average home value is $389,157, up 4.3% over the past year. That is slightly more than the $358,734 average value in the United States.

One area where Delaware has an advantage is in rental costs. The median rent is $1,950, which is almost $200 less than the national median of $2,125.

Overall, securing a personal loan in Delaware should be similar to other parts of the country. However, it may vary in different parts of the state. For instance, it may be easier for residents in higher-income counties like New Castle to qualify for and repay a personal loan. 

Conversely, qualifying and repaying a loan may be harder for those in lower-income counties like Kent.

Local banks and credit unions may offer reasonable loan rates and terms for those with excellent credit. However, they generally aren’t as good as the rates and terms available with our top picks for online lenders.

FAQ

Can I get bad-credit personal loans in Delaware?

Yes, you can get bad-credit personal loans in Delaware. Many lenders specialize in offering loans to individuals with less-than-perfect credit. These lenders consider factors beyond your credit score, such as income, employment history, and your ability to repay the loan. Always compare rates and terms to find the best deal.

How do I apply for a personal loan?

Applying for a personal loan involves several steps. First, research and compare lenders to find one that suits your needs. Gather the required documents, including ID, proof of income, and bank statements. 

Fill out the loan application online or in person. After submission, the lender will review your application and inform you of its decision.

What are the eligibility requirements for personal loans in Delaware?

Eligibility requirements vary by lender, but common criteria include being 18 years old, having a valid ID, and providing proof of a steady income. Some lenders may also require a minimum credit score, and others offer options for those with bad credit or no credit history. Residency in Delaware is also often required.

How long does it take to get approved for a personal loan?

Approval times for personal loans can vary. Traditional banks may take a few days to a week to approve and disburse funds. Online lenders can often process applications faster, sometimes within a few hours to one business day. 

Factors affecting approval time include the completeness of your application and the lender’s internal processes.

How we chose the best personal loans in Delaware

LendEDU evaluates personal loan lenders to help readers find the best personal loans. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Delaware.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of the best personal loans in Delaware